The sale of certain food items in the form of export or deemed export as provided under Section 3(2) will be considered as zero rated sales. The tax paid on such goods is refundable in the form of tax credit. All such tax credit will be accounted for using the VAT Adjustment – Export Adjustment in a journal voucher.
To create a Journal Voucher for Export Adjustment:
Go to Gateway of Tally > Accounting Vouchers > F7: Journal > Select the appropriate Class from the Voucher Class List for e.g., VAT Class.
Select Export Adjustments in the Used for field.
Debit the Input VAT ledger from the List of Ledger Accounts.
Enter the amount in the Debit field.
Credit the required Purchase ledger.
The credit amount is automatically entered.
Enter the details in the Narration field, if required.
Press Y or Enter to accept and save.
Note: The value of entries made using Export Adjustments as the VAT Adjustment in journal voucher will be captured in the Box 13 of Musak 19.
'Export Adjustment' has been shared with
